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Cam Ward to Portal

BishopEli said:
I assume fed tax rate of 37% and Cali income tax of 12% for the highest brackets
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Here we go again.

1. The top rate of 37% is a marginal rate. For 2024, for a single filer, this rate ONLY applies to the income earned ABOVE $609,350. All the income below that number is taxed at LOWER rates than 37%.
2. This, as always, ignores deductions. On that much income, a taxpayer is LIKELY to have AT LEAST the deductions for state income taxes paid and (hopefully) a mortage interest and property tax deduction.
3. Nobody...NOBODY...pays 49.1% income tax. Regardless of what anyone tells you. Try it out on Turbo Tax sometime, put in $1 million in wage income. I guaran-*******-tee you that you will not be at a 49% effective tax rate.
4. Don't even try to bring up "self-employment tax", that is just a proxy for FICA/Medicare. It's not an income tax.
 
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TheOriginalCane said:
Here we go again.

1. The top rate of 37% is a marginal rate. For 2024, for a single filer, this rate ONLY applies to the income earned ABOVE $609,350. All the income below that number is taxed at LOWER rates than 37%.
2. This, as always, ignores deductions. On that much income, a taxpayer is LIKELY to have AT LEAST the deductions for state income taxes paid and (hopefully) a mortage interest and property tax deduction.
3. Nobody...NOBODY...pays 49.1% income tax. Regardless of what anyone tells you. Try it out on Turbo Tax sometime, put in $1 million in wage income. I guaran-*******-tee you that you will not be at a 49% effective tax rate.
4. Don't even try to bring up "self-employment tax", that is just a proxy for FICA/Medicare. It's not an income tax.
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Not disagreeing, just adding that the tax deduction in bullet point #2 is capped at $10k. It really sucks. Doesn’t remotely cover my property taxes let alone state/local taxes.
 
TheOriginalCane said:
Here we go again.

1. The top rate of 37% is a marginal rate. For 2024, for a single filer, this rate ONLY applies to the income earned ABOVE $609,350. All the income below that number is taxed at LOWER rates than 37%.
2. This, as always, ignores deductions. On that much income, a taxpayer is LIKELY to have AT LEAST the deductions for state income taxes paid and (hopefully) a mortage interest and property tax deduction.
3. Nobody...NOBODY...pays 49.1% income tax. Regardless of what anyone tells you. Try it out on Turbo Tax sometime, put in $1 million in wage income. I guaran-*******-tee you that you will not be at a 49% effective tax rate.
4. Don't even try to bring up "self-employment tax", that is just a proxy for FICA/Medicare. It's not an income tax.
Click to expand...
I'm in finance man, while I appreciate your patronizing tone I'm fully aware of how tax brackets work, I was answering a question on what the Op posted, but thank you again I'll get off your lawn.
 
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TheOriginalCane said:
Here we go again.

1. The top rate of 37% is a marginal rate. For 2024, for a single filer, this rate ONLY applies to the income earned ABOVE $609,350. All the income below that number is taxed at LOWER rates than 37%.
2. This, as always, ignores deductions. On that much income, a taxpayer is LIKELY to have AT LEAST the deductions for state income taxes paid and (hopefully) a mortage interest and property tax deduction.
3. Nobody...NOBODY...pays 49.1% income tax. Regardless of what anyone tells you. Try it out on Turbo Tax sometime, put in $1 million in wage income. I guaran-*******-tee you that you will not be at a 49% effective tax rate.
4. Don't even try to bring up "self-employment tax", that is just a proxy for FICA/Medicare. It's not an income tax.
Click to expand...
Also, fwiw, it’s not 37% of the total. It’s progressive and everyone pays the same throughout each level.

It's important to know that there's a common misperception that going into a higher bracket might mean you make less money overall. This is not the case. If you go into a higher bracket with a higher tax rate, that rate applies only to the money you earn in that bracket. The money you earn in the lower bracket is still taxed at the lower bracket's rate
 
CaneAlum11 said:
Also, fwiw, it’s not 37% of the total. It’s progressive and everyone pays the same throughout each level.

It's important to know that there's a common misperception that going into a higher bracket might mean you make less money overall. This is not the case. If you go into a higher bracket with a higher tax rate, that rate applies only to the money you earn in that bracket. The money you earn in the lower bracket is still taxed at the lower bracket's rate
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Yes, that's what I'm saying.

And if the kid has been given good advice, he has set up an S-corp to handle this all, and to be able to take business deductions.
 
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Lutzboy247 said:
Dmoney just tryna get enough clicks to cop a new couch for Christmas 🤣🤣
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One of those sectionals from Costco?

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Ispyin said:
Right sounds good, home alone for new years I see?

Sad Arrested Development GIF

yonic GIF
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No I’m not a mope at all and I’m pumped about the recruiting class etc….I just have learned that when things go super slow like this, it’s usually a bad sign for the U. I’m still hoping we get him
 
Dgixxer252525 said:
No I’m not a mope at all and I’m pumped about the recruiting class etc….I just have learned that when things go super slow like this, it’s usually a bad sign for the U. I’m still hoping we get him
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I agree. These things are as complicated as the two sides make it. Who knows who or what exactly the issue is, but the perpetual reported "closeness" of the situation and lack of movement despite the pretty widely reported financial attractiveness of our offer speaks to me to a kid who does not have plans to come here and is keeping us as warm as possible. I have no insight here but my thesis is him and his camp are continuing to backchannel with other schools they view as more desireable, hoping to get a NIL close enough to ours. The one caveat being, our staff usually is pretty measured in assessing where they sit with kids, though portal likely has some nuance given you're dealing with players who most of the time you aren't plugged into their network like we would be to a kid at Chaminade or Central, for example.
 
TheOriginalCane said:
Here we go again.

1. The top rate of 37% is a marginal rate. For 2024, for a single filer, this rate ONLY applies to the income earned ABOVE $609,350. All the income below that number is taxed at LOWER rates than 37%.
2. This, as always, ignores deductions. On that much income, a taxpayer is LIKELY to have AT LEAST the deductions for state income taxes paid and (hopefully) a mortage interest and property tax deduction.
3. Nobody...NOBODY...pays 49.1% income tax. Regardless of what anyone tells you. Try it out on Turbo Tax sometime, put in $1 million in wage income. I guaran-*******-tee you that you will not be at a 49% effective tax rate.
4. Don't even try to bring up "self-employment tax", that is just a proxy for FICA/Medicare. It's not an income tax.
Click to expand...
Salt is limited to 10k deduction and if you are in San Fran you pay city tax as well. I can assure you there are taxpayers paying close to 46 percent that live in San Fran with bad comp structures that don't include preferentially taxed income. This includes fica but to ignore fica is an asinine argument.

You are also forgetting about 3.8 percent nii tax aka Obama care tax.
 
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I hope we have a Plan B. The long wait is not a good sign. Also, how long is Emory out? BTW, we have WRs. If Ward comes George will be WR1
 
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